Tuesday, October 4

Fino Payments Bank partners exclusively with Go Digit for shop insurance policy

  • Small and medium business owners can enroll under the insurance product with Fino, Go Digit’s corporate agent

  • The insurance policy will be offered for an annual premium starting from as low as Rs 550

Fino Payments Bank Limited (“Fino Bank” or “The Bank”) today announced that it has partnered with Go Digit General Insurance Limited, one of India’s fastest growing general insurers, to offer shop insurance policy to small and medium business owners. Fino is associated with Go Digit as a corporate agent.

The tie-up will allow small and medium businesses to avail the benefits of Digit’s My Business Policy in case of any adverse event. The policy, which will be valid for one year, will cover loss or damage to the inventory or stock due to burglary, earthquake, fire, lightning, storm, flood, riots, among others. The policy will also include in-built coverages like money in safe, money in transit, etc.

Small and medium businesses form a significant part of Fino Bank’s strong customer base as well as its well-established merchant network. Fino Bank’s customers will be able to enroll in the policy offered by Go Digit at an annual premium of Rs 550 (for a sum insured of Rs 3 lakh), which will go up to Rs 2,600 (for a sum insured of Rs 15 lakh). As per their requirements, shopkeepers can directly enroll under Digit’s My Business Policy (shop insurance policy) in real time through a paperless process.

Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, “Innovation through partnerships is an integral part of Fino Bank’s ethos. Along with our own products, we bring partner offerings for the benefit of our customers who are largely under banked and do not have access to relevant financial products. Digit’s My Business Policy (shop insurance policy) takes forward our already existing association with Digit Insurance and is a step in the right direction to offer financial security to small business owners through our extensive distribution network. The technology platforms of both companies will make buying insurance as well as filing and settling claims a seamless experience for our customers.”

Nalini Venkat, Head – Institutional Business, Digit Insurance said, “The benefits of insurance haven’t fully reached smaller cities given the lack of access to the right products. Fino Bank’s extensive rural distribution network will give us an opportunity to take our insurance offerings to these under-penetrated markets. Digit’s quick quote generation, instant policy issuance and tech-enabled claims assessment will give shopkeepers a seamless experience. Our product offers comprehensive coverage to both inventory and contents of the shop. We believe our association with Fino Bank will foster the shopkeepers’ ecosystem and bridge the insurance gap in smaller cities and towns more effectively.”

The bank, which has nearly 4.6 million customers, already offers motor and group health insurance in association with Digit.

A Fino merchant point is the local kirana store, medical shop, dairy outlet or the mobile repair shop. They are playing a critical role in the adoption and usage of digital banking services. Across the country, Fino has a network of over 10.2 lakh own as well as partner network points as local bankers.

At these local banking points a customer can open a new bank account, deposit and withdraw cash, do money transfers and make bill payments. One can also avail third party offerings such as gold loan, enroll under general insurance and even pay loan EMIs.